A particularly good day for US stocks on Friday, the S&P500 gaining 1.6% with all sectors in the green and meaning that the index has now recouped more than 50% of its early February (10.1%) fall to be only 4.4% off from its 26th January record high (and the Nasdaq a mere 2.2%). The VIX has also retraced more than half its January-early February jump from 9.25 to 37.3, now -56% off the latter at 16.5. In contrast bond volatility, which rose by 31% between mid-January and early February, is back only 7% from its recent highs and FX volatility only 10% lower after rising by 56% between 9th January and 6th February. We’d ... (full story)